Stock quotation system



March 5, 1940. J. l. BELLAMY ETAL 9 STOCK QUOTATION SYSTEM Original Filed July 15, 1929 16 Sheets-Sheet 1 STOCK 57725? K575 lnuenfor: Jo/m Bellamy Marfi n L. Ale/son Herber/ F Ober l March 5, 1940. J. BELLAMY ET AL ,1

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 16 Sheets-Sheet 2 [river/fora I John z 561/,

Marfin L Ale/son Herkerf F OLeryf/l' March 5, 1940. J. l. BELLAMY ET AL STOCK QtIOTATION SYSTEM ori inal Filed July 15, 1929 16 Sheets-Sheet 3 STOCK TEANSLATOES lnuenlors John 1'. Bellamy Mqrf/h L/Ve/san Herberf F Oberyfe [I vMarch 5, 1940. BELLAMY AL 2,192,217

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 1a Sheets-Sheet 4 STOCK-CODE ass/57525 f L Q) Q -IH-| O u y [truer/Tara John I Eel/4mg Mari/n L lVe/san Herfierf F OZery//Z March 5, 1940. J. l. BELLAMY ET AL 2,192,217

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 16 Sheets-Sheet 5 PANGE OP-H LA Jobn 1. fiel/amy Marffn LJVe/san I Hererf F ohzr fell M r 5. 1940. J. BELLA'MY r.- M 2,192 211 s'rocx QUOTATION SYSTEM Original Filed July 15, 1929 16 Sheets-Sheet 6 b z/0:73:19 Jo/m I Bellamy Mari/)1 L. A/e/sa'n Herb! FUberyfe/l Original Filed July 15, 1929 16 Sheets-Sheet '7 [39/6 E EEG/5 TE P5 vMarch 5, 1940. J. I. BELLAMY ET AL 2,192,217

' s'rocx QUOTATION SYSTEM Original Filed July 15, 1929 16 Sl'xeets-Shc-aer, 8

555 FIG 6 fnuenfars Ja/m I Bellamy Marfih Z. Ive/son herfier? E 0507/5 March 5, 1940. J. BELLAMY ET AL STOCK QUOTATION SYSTEM Original Filed July 15, 1929 16 Sheets-Sheet 9 g 33 in [nuenfars John I Be/hmy Mar/7h L. Nelson Her'herf foberjfd/ March 5, 1940. .1. BELLAMY-EF AL 2,192,217

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 16 Sheets-Sheet l0 PT (PP/CE} /nuen/or5 John I Eel/amy Marf/n L. A/e/son Her-52H F Ufieryfel/ March 5, 1940. J. I. B ELLAMY ET AL 2,

I STOCK QUOTATION SYSTEM Original Filed July 15, 1929 16 Sheets-Sheet 11 March 5, 1940. J. 1. BELLAMY IETVAL 2,192,217

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 16 Sheets-Sheet 12 fnuen furs John I fieilamy Mari/n L. IVs/San Herber'f F Uberyfel/ March 5, 1940. J. BELLAMY ET AL STOCK QUOTATION SYSTEM Original Filed July 15, 1929 16 Sheets-Sheet 15 [nuenfors Jo/vn ['Be/iamy Mar)? L. Nelson Her-bar! F OeryiE/I March 5, 1940. J. l. BELLAMY ET AL STOCK QUOTATION SYSTEM 16 Sheets-Sheet 14 Original Filed July 15, 1929 NW 5 mm on Herbzrf F 0172722 [I mw mnm March 5, 1940. J. 1. BELLAMY ET AL STOCK QUOTATION SYSTEM 16 Sheets-Sheet 16 Original Filed July 15, 1929 5 N a m a k. I

ll llll. lllll llllllL-ll I l |'l||l. |llllll|l llllllllll ll- Q\\ Nah GE Patented Mar. 5, 1940 UNITED STATES PATENT OFFICE STOCK QUOTATION SYSTEM Original application July 15, 1929, Serial No.

Divided and this application September 29, 1930, Serial No. 484,958

11 Claims.

The present invention relates to stock-quotation systems in general, but is concerned more particularly with systems of this kind wherein a central-station transmitter or register sender transmits stock-quotation signals to a number of stock-quotation receivers or display boards.

This application is a division of our application Serial No. 378,208, flled July 15, 1929. In the parent application, the main object broadly stated, is the production of a new and improved system suitable for transmitting information refor a broker to have a so-called stock ticker inhis office from which a tape slowly unwinds, giving the selling prices of the active stocks. The broker has an attendant who reads the tape and marks down the prices on a blackboard so that the waiting customers may see the trend of the market. In addition to showing the last selling price in a space provided under the name of a given stock, the blackboard shows yesterdays closing price, today's opening price, the

high price of the day, and the low price of the day.

General description One outstanding disadvantage of the method of procedure above outlined is that the person writing down the prices and making continuous changes is as often as not in such a position as to obscure the board from the view of the customers. In addition, the total amount of labor required, considering the brokers ofilces as a whole, is quite enormous, and it is to the interest of efficiency to reduce this labor to a minimum. For this purpose, it is proposed to provide a sinple point at which the desired information can be recorded and to provide an automatically operated indicator in each broker's oflice controlled from a separate transmitter at the single recording point.

It is proposed further to make use of the usual ticker tape at the central point, and to provide two operators for setting up the quotations. The stocks are listed by means of the letters of the alphabet, some stocks being represented by a single letter, some by two, and others by three. In order to make a division of stocks between the two operators, all stocks represented by the letters A to K may be assigned to one operator, as well as all stocks of two or three letters of which the first letter is A to K. The second operator takes care of the sales involving the stocks L to Z and, the plural letter stocks whose designations begin with any one of the letters L to Z. It will be understood, of course, that this line of division is purely arbitrary, and that any other division may be made from time to time as it becomes necessary.

The other objects and features of the invention, having to do with the manifold operations involved in setting up and transferring and displaying the price indications, are more or less subordinate to the objects and features hereinbefore enumerated, and will be understood best upon a further perusal of the specification in connection with the accompanying drawings.

Description of drawings Referring now to the drawings comprising Figs. 1-21, they show by means of the usual circuit diagrams and mechanical drawings a transmitting and receiving system embodying the features of the invention. More in particular, Figs. 1-8 show a transmitter which may be designated as a transmitter Tl; Fig. 9 indicates the transmitters T2, T3, and T4 together with a fewof the plurality of receivers and the repeaters RI and R2; Figs. 10, 11, and 12 show circuit drawings of one of the receivers which may be designated as the receiver RE2; Figs. 13-16 indicate mechanical details of the indicating apparatus in the receiver; Figs. 17 and 18 are circuit drawings to be substituted for Figs. 10 and 12 when a modified type of indicator is used at the receiving station; Fig. 19 is a combination mechanical and The apparatus for registering the stock-designating letters comprises the stock registers SRI and SR2 and SR3 of Fig. 2, and the apparatus for translating the registration of stock letters into a three-digit code to be sent to the receiving stations comprises the stock translators STI, ST2, and ST3, as well as the intermediate distributing frame IDF, Fig. 3. The price registers for registering the price (at which a current stock transaction took place) under the control of the digit keys of Fig. 5 comprises the price registers shown in Fig. 7. The price register PT registers the price hundreds digit; the register PH registers the price tens digit; the register PU registers the price units; and the register PF registers the price fractions digit. These designations hold true in case a full price quotation is sent, but the arrangement varies somewhat in case a lesser number of price digits is sent as will be hereinafter explained' The stock code registers shown in Fig. 4, which are set from the translating apparatus of Fig. 3, through the intermediate distributing frame IDF, comprise the stock hundreds register SH, the stock tens register ST, and the stock units register SU. It may be further pointed out that a so-called range indication (to be later explained) is registered on the range register R of Fig. 6 under control of the range keys of Fig. 5.

It will be noted that the lower portion of Fig. 6 includes a rectangle labelled register set #2". This register set #2 contains a duplicate of the equipment shown in Figs. 4 and '7 and of the range register R of Fig. 6. The two register sets are arranged to be used alternately so that a second registration may be set up immediately following the first and while the first is held stored on the first register set and is being transmitted. The relays 6 I 4 and 6 I 5, it may be pointed out, are common to the two registers and are arranged to switch from one register to another automatically at the end of a registration so as to automatically switch the next register into service.

The apparatus shown in Fig. 8 is the sending apparatus and it' sends digit impulses under the control of the two register sets shown in Figs. 4, 6, and 7. The impulses transmitted by the sender of Fig. 8 go out over the conductor 82! to the repeater RI, Fig. 9, and are from thence repeated to the several receiving stations.

Detailed description The system having been described generally, a detailed description of the operation of apparatus shown will now be given. For this purpose, a description of the operations involved when the operator at the transmitter Tl, shown in Figs. 1 to 8, sets up a quotation on her key set of which the letter keys are shown in Fig. 1 and the digits keys and range keys in Fig. 5.

It will be assumed that the register set No. 1 comprising the registering apparatus of Figs. 4 and '7 and the upper portion of Fig. 6 is in service at the time the operator sets up the quotation to be now described, this being true because the relay H4 is energized as shown and because the relay H5 is deenergized as shown. It will be assumed further that the letters representing the stock whose quotation is to be transmitted are the letters B, B, and A and that the price to be transmitted is 104%; dollars. It will be assumed further that this is neither the high price nor the low price of the day and that it is accordingly set up as merely the last price. The full indication to be set up may be represented by BEA-- |03ILA. The first portion is set up by operating the stock letter keys of Fig. 1. The second portion is set up by operating the digit keys of Fig. 5; and the final portion (the range indication) is set up by operating a range key of Fig. 5.

Stock registration To set up this number the operator first operates the letter key B of Fig. 1. These keys, it will be understood, are non-locking keys of the push-button type, being arranged so that, when the operator depresses a key to close the contacts thereof and releases the key, the plunger returns to normal and the contacts of the key open. When the key- B is pushed, a circuit is closed from ground through the contacts of the key and through contacts of the normally-energized connecting relay 202 for the register relay B of the stock register SRI. Relay B energizes and at its inner upper armature closes a locking circuit for itself through the transfer relay 20i from the grounded conductor 260, which is grounded through contacts of relays 201 and 203 from the grounded conductor 602, which latter conductor is grounded in Fig. 6 through contacts of the error relays N3 of the register set #2 and N3 of the register set #1. The locking circuit for relay B does not become effective immediately and relay 20! remains short-circuited and deenergized as long as the key B of Fig. 1 is held depressed, but, when the key B is released, the short circuit is removed from around relay 20l and it energizes in series with relay B and opens the circuit of relay 202 and closes a circuit for connecting relay 204 through the inner armature of relay 203.-

Relay 204 pulls up and relay 202 falls back and disconnects the conductors of the keys A to R from the storage relays A to R of the stock register SRI. It will be noted, of course, that only the relays A, B, and R of this set are shown and that only the corresponding contacts of relay 202 are shown. It will be understood that the intervening relays are connected up in the same closed through contacts of relay 204 of the stock register SR2 for the B relay in this stock register. It will be noted that this relay is designated B. This indicates that the registration of this relay is the second letter of a stock, and that the first letter may be any one of several. When the relay B operates, it closes at its inner upper armature a locking circuit for itself to the said grounded conductor 250 by way of the transfer relay 203. Relay 203 is accordingly operated when the key B of Fig. 1 is allowed to restore and it transfers the operating ground from relay 204 to relay 206 by way of contacts of the transfer relay 205. Accordingly relay 204 falls back and disconnects the letter keys A to Z from the second-letter storage relays A to Z, and relay 206 energizes through contacts of relays 20l, 203, and 205, and connects the letter keys A to Z to the third-letter relays A to Z of the stock registerv SR3. The relays of the register SR3 are designated in this manner to indicate that they are the third letter relays and that the first two letters are variable letters, that is either one of the first two letters may be any one of a plurality.

When the operator depresses the key A of Fig. 1 a circuit is closed through contacts of relay 206 for the relay A which operates and at i i l its inner upper armature closes a locking circuit for itself through relay 205 to the grounded conductor 250. Accordingly, transfer relay 205 operates in series with relay A when the A key is released and at its inner armature it disconnects relay 20 and allows it to fall back and disconnect the letter keys from the associated relays --A to Z.

The stock concerning which the quotation is about to be transmitted has now been identified on the registering apparatus by the above-described energization of relay B of the stock register SRI, of relay B of the stock register SR2, and of the letter -A of the stock register SR3. This three-letterregistration is to be subsequently translated by the translating apparatus of Fig. 3 into a pre-assigned three-digit code in a manner to be hereinafter pointed out.

Price registration Referring now to Figs. 5, 6, and 7, when the operator depresses the digit key I, Fig. 5, to register the price-hundreds digit I, a circuit is closed from ground through the right and left contacts of the digit key I over conductors SM and 502 for the storage relays A and B of the price hundreds register PH, Fig. '7, through contacts of connecting relay I02, which latter relay is energized through contacts of transfer relay IOI from the grounded conductor 601, conductor 601 being supplied with ground potential through the lower armature of the energized relay 6I4 of Fig. 6. When relays A and B operate, they close locking circuits for themselves at their inner armatures through transfer relay IM to the grounded conductor 606, conductor 606 being grounded at this time through the upper contacts of relay 6I3 and the normally closed contacts controlled by the upper armature of relay 6I5. As a. result, when the digit key I of Fig. 5 is allowed to restore, the locking circuit for relays A and B becomes effective and relay IOI energizes therein and transfers the grounded conductor 601 from relay 102 to the connecting relay I04 through contacts of the transfer relay I03. Accordingly, relay I02 falls back and disconnects the key conductors 50I--504 from the relays A to D of the price hundreds register PH, and relay I04 operates and connects these conductors to the corresponding relays of the price tens register PT.

When the operator depresses the digit key to set up the price-tens digit, a circuit is closed from ground over conductor 504 and through contacts of connecting relay I04 for relay D of the price tens register PT. Relay D operates andlocks itself at its inner armature to the grounded conductor 606 by way of the transfer relay I03. Relay I03 accordingly energizes when the digit key 0 is restored and it transfers the operating conductor 601 from connecting relay 104 to the connecting relay I06 by way of contacts of the transfer relay I05. Relay I04 accordingly falls back and relay I06 operates, and conductors 50I504 are disconnected from the relays of the register PT and are connected to the relays A to D of the register PU. 1

When the operator depresses the digit key- 4 to set up the price-unit's digit 4, a circuit is closed from ground through the contacts of the digit key 4 over conductors 502 and 503 for the relays B and C of the price units register PU. These relays operate and close locking circuits for themselves at their inner armatures through the transfer relay I05 to the grounded conductor 606. As a result, when the key 4 of Fig. 5 is released,

relay I08 operates and transfers theoperating ground from relay I06 of the price-units register to the relay I08 of the price-fractions register PF. Conductors 50I--504 are accordingly disconnected from the relays of the price-units register by the deenergization of relay I06 and are connected to the relays A to D of the register PG of Range registration Having recorded the stock and the price quotation, the operator indicates the range by depressing the range key LA to cause the price quotation to be recorded as the last price. When this key is depressed, a circuit is closed from ground through the contacts of the key and over conductor 508 and through contacts of relay 6 for relay D of the range register, relay 6| I being energized from the grounded conductor 601 through contacts of relay 6I0. Upon operating, relay D 'of the range register R closes a self-locking circuit at its inner contacts through relay M0 to the grounded conductor 606. As a result, relay 6I0 energizes when the range key LA is released and with results to be explained hereinafter.

The registration is now completed and the result of the registration will be taken up in detail.

Stock transfer and translation Since a stock-may be identified by one letter, by two letters, or by three letters, arrangements are provided for delaying the transfer of'a registration to the translating apparatus of Fig. 3 until a price digit is recorded in order to avoid the premature transfer of a two-letter indication as a single-letter indication or the transfer of a three-letter indication as a two-letter indication. The way this transfer takes place will now be pointed out.

When the transfer I0l associated with the price-hundreds register PH energizes as hereinbefore pointed out upon the release of the digit key following its depression for the first price digit I, it closes a circuit at its lower armature which starts at ground through the lower contacts of transfer relay 6I0 of the range register R, Fig. 6, and continues by way of conductor 608, lower contacts of relay I03, lower contacts of relay 'I0l (now energized), stock transfer conductor GM, to the upper armatures of relays -A to --Z of the register SR3, Fig. 2. This conductor is extended to the corresponding armatures of the relays -A to -Z of the stock register SR2 in case only a two-letter designation -is recorded on account of the fact that relay 205 is not energized in such case, and it is extended through contacts of relay 203 to the corresponding armatures of relays A to R of the stock register SR! in case only a one-letter tiesignation is recorded, as in this case the transfer relay 203 is not operated. However, in the present case, a fullthree-letter designation is recorded and the further extension of the conductor 601 is prevented due to the operated condition of the upper armature of relay 205. With relay -A energized as before explained, the circuit continues from conductor 80I through the upper contacts of the relay -A, contacts of the energized relay B, to the relay --BA of the stock translator ST3. Relay BA energizes.

The relay -BA, it will be noted, has a plurality of sets of contacts, three contact pairs a set. Each of these contact sets is associated with a different one of the groups of conductors, three conductors a group. grounded under the control of the relays A to R ofthe stock register SRI. Relay -BA closes all of these conductors through to the left-hand side of the intermediate distributing frame IDF, but only the set labeled BBA at the IDF is grounded on account of the fact that only the relay B of the stock register SRI is energized. On the right-hand side of the intermediate distributing frame IDF there are three sets of terminals, oneterminal set is connected with a band of conductors labeled CDI, indicating that this band of conductors corresponds to the first code digit; thenext set of contacts on the right-hand side of the IDF terminates the conductors labeled CD2, having to do with the second code digit; while the third set of contacts terminate the group of conductors CD3, having to do with the third code digit. The contacts of each of these sets are labeled I to and they correspond respectively to the digits l to 0. The conductor groups CDI, CD2, and CD3 extend at this time through the contacts of the energized relays 403, 404, and 405 to the relays I to 0 of the stock code registers SH, ST, and SU, corresponding to the hundreds, tens, and units code digits by means of which the stocks are identified at the receiving station.

There is a separate code assigned to each stock and the three contacts corresponding to a stock in each case are cross-connected in accordance with the code. For example, the code assigned to the stock BBA, now under consideration, is the code number I52. Accordingly, the upper terminal of the set of three terminating the BBA conductors on the left hand side of the frame IDF is cross-connected to the first contact of the upper set on the right-hand side of the frame IDF; the second terminal is cross-connected to the fifth terminal ofthe second set on the righthand side of the frame; while the third terminal of the set BBA on the left-hand side is crossconnected as shown to the second terminal of the third set on the right-hand side of the frame. As a result, a circuit is closed over the first of the group of conductors labeled CDI for the first register relay of the stock-hundreds register SH; a circuit is closed over the fifth one of the conductors CD2 and through contacts of relays 4M and relay 404 for the fifth relay of the stock-tens register ST; and a circuit is closed through the second one of the conductors CD3, and through contacts of relays 402 and 405 for the second relay in the stock-units register SU. These relays operate and at their inner upper armatures close locking circuits for themselves to the register locking conductor 800.

A moment later, the transfer relay I03 associated with the price tens register PT, Fig. 6, energizes upon the setting up of the tens digit by the operator, and at its lower armature it opens the initial energizing circuit for the abovementioned relay BA of Fig. 3 by removin ground at its lower armature from the stock transfer conductor 80l. Relay BA falls back.

but the operated relays of Fig. 4 remain operated over the locking conductor 608 asthey are locked at their inner-upper armatures as above mentioned. I,

It may be pointed out at this time that in case only a single digit is set upon the price register it is, of course, set up on the register PH and the next digit to be set up is the range digit. In this case the operation of the transfer relay 6 l 0 of the range register It opens the above-mentioned circuit over conductor 80! at its lower ar- Transfer to register set #2 When the transfer relay N0 of the range register R. of Fig. 6 operates as hereinbefore pointed out, it places ground at its lower armature on conductor BIG and on conductor 809. As a result, relay 6| 2 is operated to place ground on the locking conductor 509 and the sender-start conductor 6H. As a result of the placing of ground potential on conductor 609, a circuit is closed through the lower armature of the operated transfer relay 101 of the price-fractions register PF for the relays Ill and H0 in series. These two relays energize and connect the control conductors of the registers PH,'PT, PU, and PF to the corresponding conductors of the sending apparatus of Fig. 8.

As a further result of the operation of relay 6l0, it opens the circuit of relay 6 at its upper armature, as hereinbefore pointed out, and extends the ground potential to the upper winding of the relay 6|5. Relay BIS operates and at the normally closed contacts controlled by its lower armature opens the circuit of the lower winding of relay 6. When this occurs, relay 6" falls back and at the normally closed contacts controlled by its lower armature closes a holding circuit for relay 6I5 through its lower winding, and at about the same time opens the initial energiz ing circuit for the upper winding of relay 615, by removing the ground potential from conductor 601. When conductor 60'! is thus ungrounded, relays 405, 404, and 403 of Fig. 4 fall back and disconnect the conductors CDI, CD2, and CD3 from the associated register relays of the registers SH, ST, and SU.

As a further result of the deenergization of relay 6 and the energization of relay 6l5, the error relay N3 of the register set #1 is disconnected and the corresponding relay N3 of register set #2 is connected up.

As a. still further result of the deenergization of relay 6 and the energization of relay 6l5, conductor SIB, which is grounded at the outer contacts of relay 824 of the sender, Fig. 8, is connected at the upper armature of relay 6l5 to locking conductor 606 through contacts of relay H3 in place of the local ground connection at the normally closed contacts controlled by the upper armature of relay H5. Accordingly, the locking conductor 606 is maintained grounded and the locked-up register relays of Figs. 4, '7 and 6 remain operated until such time as the ground 

